Ken Chigbo
Independent Analyst
- Ripple’s XRP in the latter part of trading on Friday was trading in minor positive territory by some 0.50%.
- XRP/USD bulls managed to bounce off a key supporting daily trend line.
Ripple’s XRP late in the session on Friday bounced off key support, the lower trend line of the triangular pattern formation. XRP/USD was traded up in minor positive by some 0.50%, with further upside potential.
XRP/USD price was very close to breaching the critical triangular pattern structure, the lower part of the acting trend line is tracking at $0.3150. Bulls managed to bounce off this support, to push into positive territory on Friday.
Given current minor upside momentum, eyes are on the next big barriers of resistance via the confluence detector. Firstly; $0.3180, weekly 38.2% Fibonacci, daily 10 SMA, $0.3212, daily pivot point resistance, weekly 23.6% Fibonacci. In terms of downside, there is a chunky barrier noted at $0.3115, weekly 61.8% Fibonacci, daily 38.2% Fibonacci.
XRP/USD daily confluence detector
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